Business News Highlights: Stock Market Closes, Sensex Up 408 Points, Nifty Above 22,450
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Navi, a digital financial services firm backed by the erstwhile founder of Flipkart, Sachin Bansal, announced on Wednesday its intention to bolster its technical team by 30 per cent in 2024. The company's technical team currently comprises approximately 300 individuals, a number slated to increase to 400 by the close of 2024, according to a report by the news agency PTI.
Union Minister Jitendra Singh disclosed on Wednesday that India's bio-economy has surged 13-fold over the past decade, escalating from $10 billion in 2014 to $130 billion in 2024. Speaking at the 17th Annual International Biocuration Conference (AIBC-2024), the Minister underscored that India is now recognised among the top 12 biotechnology hubs globally.
RBI Governor Shaktikanta Das stated on Wednesday that approximately 80-85 per cent of Paytm wallet users would not experience any disruption due to regulatory measures. He further advised the remaining users to link their apps to alternative banks. The Reserve Bank of India had, on January 31, prohibited Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
The Supreme Court noted on Wednesday that fiscal mismanagement by states is a matter of concern for the union government as it directly affects the nation's economy. The Court advised both the Centre and the Kerala government to resolve their differences regarding a cap on net borrowing by the southern state.
The Ministry of Coal requested on Wednesday for feedback from both government and private entities interested in establishing coal gasification plants in the country. The ministry disclosed that it has released three draft request for proposals (RFPs) for consultation on the coal gasification scheme.
According to a statement issued by the ministry, these draft RFPs aim to gather input from interested government PSUs and private investors for the establishment of coal gasification plants in India.
Krystal Integrated Services, a facilities management services company, is scheduled to commence its initial public offering (IPO) on March 14. The IPO will close on March 18, with anchor investor bidding set to open on March 13, as outlined in the Red Herring Prospectus (RHP). The offering consists of a fresh issuance of equity shares valued at Rs 175 crore and an offer-for-sale (OFS) component of 17.5 lakh shares by promoter Krystal Family Holdings Pvt Ltd.
The Indian benchmark indices concluded the highly volatile session on a positive trajectory, with both the Sensex and Nifty reaching new record highs. The Sensex surged by 408.86 points or 0.55 per cent to reach 74,085.99 at the closing, while the Nifty climbed by 117.70 points or 0.53 per cent, closing at 22,474.00. During the session, 508 shares advanced, 2820 shares declined, and 53 shares remained unchanged.
SAP announced the promotion of Manish Prasad to President and Managing Director (MD) of SAP Indian Subcontinent on Wednesday. Previously, Prasad held the role of Vice President for the metal, mining, and automotive industries, overseeing sales, operations, growth strategies, and forging strategic partnerships with customers across the Indian Subcontinent.
He succeeds Kulmeet Bawa, who transitions to a global role focused on advancing the growth and utilisation of the SAP Business Technology Platform (SAP BTP) for customers globally.
The government should elevate Geographical Indications (GI) products such as Kala namak, rice, and Nagpur oranges to premium status on the global market to enhance exports of these items, given their significant potential in various countries, suggest experts. They point out that a notable drawback of Indian GI products, compared to similar international goods, is the absence of robust marketing strategies and global brand recognition.
Start-up firm, Rozana announced that it raised $22.5 million in a funding round, with participation from Bertelsmann India Investments, Fireside Ventures, and other investors. The funds will be utilised to increase the warehousing and logistics reach of the offline commerce venture into new districts, boost the techology platform, and increase hiring across its technology, product, and operations team, it added.
The National Payments Corporation of India (NPCI) revealed a comprehensive partnership with the Indian Institute of Science (IISc), Bangalore, on Wednesday, aimed at collaborative research in blockchain and Artificial Intelligence (AI) technology.
Additionally, this collaboration will foster innovation by establishing the 'NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research & Development'.
Idfy said on Wednesday that it has raised $27 million funds from a clutch of investors va primary issue and secondary transfer of shares. The integrated identity platform informed that Elev8, KB Investment, and Tenacity Ventures participated in the fundraising. Ashok Hariharan, co-founder and CEO, stated, "The funds will fuel our expansion plans and product development, enabling us to serve even more businesses and unlock opportunities for trustworthy people and businesses."
JSW Steel announced on Wednesday that it has named Robert Simon as the Chief Executive Officer of JSW, USA. Commenting on the appointment, Parth Jindal, Director, JSW USA, said, "Rob Simon is a natural leader and passionate about working in environments where core values drive his team members to realize their potential. I am confident that his vast experience in improving and managing businesses throughout the steel industry will help us scale JSW USA to newer heights," reported PTI.
Google announced that users can now decide if they want to link their data across the Google services. "We currently share data across some Google products and services for specific purposes, such as personalising content and ads based on your settings," the company informed via a blog post. This decision comes in line with the EU's Digital Markets Act (DMA) and is applicable for users residing in the European Economic Area (EEA).
The stock markets continued to act volatile on Wednesday. After slipping in the early morning session and attempting a recovery, the key benchmark indices traded in red as the session progressed. As of 10:41 AM, the Sensex stood over 150 points lower at 73,520.62, while the Nifty50 traded down by almost 67 points and touched 22,289.85.
The Indian rupee traded flat at 82.90 against the US dollar in early morning trade on Wednesday. Forex traders observed that the domestic unit was pulled down by the negative sentiment in the market, however, it received support from the fresh influx of foreign funds. At the interbank foreign exchange, the local unit opened at 82.90 and traded between 82.89 and 82.91 against the American dollar. In the last trading session on Tuesday, the domestic currency settled flat at 82.90 against the greenback.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
The stock markets continued to trade downwards on Wednesday as the indices opened in red. The BSE Sensex slipped over 200 points to touch 73,448.09 in early trade, while the NSE Nifty50 declined 63.15 points to hit 22,293.15.
As the trading session progressed, the stock markets exhibited volatility and oscillated back and forth. As of 10:20 AM, the Sensex stood marginally higher and neared the 73,700 mark at 73,697.67, while the Nifty traded lower by 24 points at 22,332.40.
In the last trading session on Tuesday, the stock market ended in red after breaking the rally for the last four consecutive trading days. The S&P BSE Sensex fell nearly 200 points to settle at 73,677, while the NSE Nifty50 closed at 22,356, down 49 points.
Amazon founder, Jeff Bezos, replaced Tesla CEO, Elon Musk, and secured his position once again as the world’s richest person, the Bloomberg Billionaires Index revealed on Tuesday. The index placed Musk’s net worth at approximately $197.7 billion, while it estimated a net worth of $200.3 billion for Jeff Bezos.
Punjab Finance Minister Harpal Cheema tabled the State Budget for the upcoming 2024-25 fiscal year on Tuesday in the state Assembly. The FM presented an outlay of over Rs 2 lakh crore for the Budget for FY25, with Rs 13,784 crore set aside for the agriculture sector.
Representing the Bhagwant Mann-led AAP government, Cheema presented a Budget focused on healthcare and education. He suggested an allocation of Rs 16,987 crore for education work in the state, and Rs 1,425 crore for all the state universities.
China also announced a hike in its defence budget by 7.2 per cent to touch $232 billion, amidst increasing tensions with neighbouring nations. The country also set a target of 5 per cent economic growth for 2024, and said that it aims to generate 12 million jobs in the period.
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